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RE: Becoming a Profitable Trader With Technical Analysis PART TWO - Charts and Patterns
Another great post. Thank you @travelstheworld, things are starting to make sense. This is really starting to help me do my own research/analysis on AltCoins that have been recommended to me. I've already made some profit (albeit only a small amount)!
I appreciate that! Chart patterns are important but its easy to get hung up on spotting them, ill cover indicators tomorrow and im sure it will really start to click. Glad you are making profits in the down market though, lots of people are struggling these days
Like I said, they're only small. I don't want to put a significant amount of money in while I'm still learning, and I never want to put in more than I'm willing to lose! But, profit is still profit at the end of the day. It's percentages I'm focussing on at the moment, not necessarily the real world value, yet.
I do think the markets could very well reverse and start growing again soon, but I'm preparing for things to keep falling and looking at it more as a time for accumulation and overall portfolio growth.
Yeah thats a wise choice, I started by making demo accounts with various brokers and playing a serious game with the fake money until my technique and strategies were on point. I know the market will turn around soon, it has to, the market needed a correction but no matter how big the correction it cannot take the potential from the tech and the big players know that.
That's exactly the point I try to make when I explain this whole thing to people who know nothing about it! It's not the cryptocurrencies themselves that are the exciting part, It's the technology they're built on and the potential real-world applications that THAT has that makes this space so interesting and will make it sustainable long-term,
Totally agree, blockchain is here and it will not go away no matter how much some people want it to. Whenever there is a big change in the world everything gets fucked and everyone over reacts but it eventually settles down and works. Like when Nixon took the US off the gold standard, the world went nuts but now it is probably the best financial move of the last 60 years by the US government